In the first two weeks of June, the crypto market experienced a significant sell-off, leading to several major cryptocurrencies being heavily discounted. This downturn saw crypto coins fall to their respective monthly support levels, providing interested traders with a great opportunity to buy the dip. In this light, we will discuss some well-established altcoins that readers could consider accumulating, as well as their recent progress, like the confirmed progress on Bitcoin Lightning Network by Binance CEO CZ.
One altcoin currently offering an attractive pullback opportunity is XRP. Following the recent correction phase, the XRP price fell to a monthly low of $0.4558, retesting a long-coming support trendline. This trendline has indicated significant recovery over the past 100 days, offering occasional dip opportunities for buyers. At the moment, XRP is trading at $0.48, with an intraday loss of 2.7%. Should sustained selling continue, the price could revisit the aforementioned support trendline, potentially triggering a bullish reversal that may push the XRP price back to a multi-month barrier of $0.55.
Meanwhile, Polygon (MATIC) is exhibiting a coiling price pattern, suggesting the possibility of an explosive move in the near future. After hitting the $0.52 support level, the falling MATIC price has turned sideways amid growing uncertainty in the crypto market. Currently trading at $0.6, Polygon is witnessing demand pressure from the $0.52 support level. If bullish momentum persists, a bullish reversal could be triggered, challenging the falling trendline. A successful breakout from the resistance trendline would signal a trend reversal and possibly take the price back to the $1 mark.
Lastly, Cardano (ADA) currently sits at a crucial support level. Over the past week, ADA’s price has been moving nearly sideways, trying to find appropriate support at $0.24. The long-lower price rejection tails on the daily candles indicate rising buying pressure and active accumulation by traders. If bullish momentum increases, a potential reversal from this support level could drive the price back to the $0.3 psychological barrier. However, to ensure a solid recovery rally, a breach of the overhead trendline is necessary. The anticipated breakout would offer buyers the launching pad they need to push the ADA price above $0.35.
Please note that the aforementioned analysis is based on personal opinions and current market conditions, and readers should conduct thorough research before making any investment decisions. Neither the author nor the publication assumes responsibility for any personal financial loss.
Source: Coingape
